Essentially Property Management consists of the care and maintenance of a real estate property via a third-party company. Duties include leasing and renting, finding prospective A+ tenants, rent collection, property assessments, and the coordination of upkeep of individual properties. Property Management can involve several different criteria including both residential and commercial rentals, as well as short and long-term lease agreements, and more.
Property Managers offer services that help make life easier for property owners by taking away much of the day-to-day routine and dealing with tenants. This is especially beneficial for those who own multiple properties, as it allows the Property Manager to handle cost mitigation, work within established local laws, and foster a sense of trust between landlord and tenant.
A Real Estate agent focuses primarily on the buying and selling process of a property, whereas a Property Manager deals with property maintenance and the managing of the tenant relationship. A Property Manager makes sure that the relationship between landlord and tenant is good while taking care of the needs of the property itself. Once a tenant leaves, a Property Manager can assist in finding another tenant to fill the vacancy to ensure that your rental income is consistent without any interruption..
The Landlord and Tenant Board of Ontario, commonly known as the LTB, is where tenants and landlords can go to resolve disputes. The LTB bases their rulings on the Residential Tenancies Act of Ontario. The LTB will handle things such as mediation between parties, eviction orders, and enforcement of payment plans.
The work involved in managing a property can be daunting, especially if one has responsibilities elsewhere. A Property Management company can help alleviate the workload by handling all the necessary day-to-day functions of running a successful property. This can yield greater ROI, a greater stress-free experience, and both time and room to invest in other properties and grow your portfolio. Opting for our management services coupled with our rental guarantee will ensure that you have a stress-free experience owning real estate.
Protocol and procedure are the two main benefits of working with a Property Management company when it comes to tenant leasing and renting agreements. A Landlord may not be savvy about details such as local laws, background checks and lease agreements. Conversely, a Property Management company understands the most up-to-date standards required for proper leasing and renting, and will work within all applicable guidelines so you can enjoy peace of mind.
There are three models that Property Management companies use when dealing with their clients.
RENT PERCENTAGE: This is a standard model that charges approximately 6% to 15% of rent for the management fee.
This model is typical when dealing with a short-term rental property. In this model, Property Management companies rent directly from the property owner for a fixed amount and then they sublet the property to generate a profit for themselves.
FLAT FEE: This model utilizes a standard set rate that is charged on a per-property/unit basis. These are calculated beforehand depending on the property and the number of units within the property.
Since Property Management companies deal with the ins and outs of leasing and renting properties, they are especially well suited to keep things running smoothly at all times. This leads to better landlord/tenant relations. Additionally, a Property Management company can correctly identify A+ tenants during the selection process while simultaneously marketing your property in the most attractive manner. Market research and knowledge of locational trends guarantees fair rent pricing as well. Finally, the ability to enjoy 24/7 support is a major advantage, especially for those with more than one property.
We are considered one of the most trustworthy and knowledgeable Property Management companies in Ontario and our reputation means everything to us. That means being transparent and honorable towards our clients without any hassles, surprise fees or hidden contract details. Our mission statement is to provide top-tier management services for each of your properties so that you can enjoy greater work/life balance, as well as the expansion of your investment portfolio.
Our research will help guide you through the process of determining fair market rental rates depending on your property and location. This fluctuates over time, but it’s our job to keep on top of any and all trends to attract the right tenants and get it leased as quickly as possible..
We utilize several channels to market properties, including (but not limited to) social media, high traffic websites and multiple-listing service (MLS) methods to guarantee that all prospective tenants have an opportunity to find your property. Our marketing system will ensure that you get the maximum marketing exposure for your property.
Our tenant selection process has been streamlined over the course of many years and molded into a reliable framework by which we can narrow down applicants and short-list the best ones for a particular property. Every single tenant is subject to a rigorous screening process where we verify who they are, their employment, and their income. We also do a number of direct credit checks with various credit and tenant bureaus. This gives us a complete picture of the prospective tenant and allows us to assist landlords in making an informed decision.
No process is one hundred percent foolproof, and sometimes bad tenants manage to slip through, while previously excellent tenants may suddenly and inexplicably develop bad habits. We have a failsafe mechanism in place in the form of a strong legal team who understands local laws and will act upon them accordingly. If your tenant is covered by our rental guarantee, we will handle the eviction process at no charge to you.
Both maintenance and inspection are especially important when dealing with properties, and our services go a cut above the rest. Our team is available to assist you 24/7-365 and our online platform makes it really simple for you or your tenant to submit a work order. Our maintenance services include everything from cleaners and plumbers, to contractors and painters. We will handle the duty of issuing a 24-hour notice of entry to your tenant in order to fix any maintenance issue required.
We also provide on-demand property assessments. Whether you just want a simple walk-through or a detailed assessment with photos and a report, we will take care of it for you.
The easiest way to know if your investment is delivering ROI is with regular financial reports. We supply accurate and clear data designed for easy record keeping and tabulation. Any confusion regarding any facet of a financial report can be cleared up simply by contacting us.
You will be emailed a monthly income statement detailing your income and expenses. All of our clients are paid via direct deposit with certified funds so that there is no hold on the funds. All we need is a void cheque to any Canadian bank and we will take care of the rest.
While we do not handle the actual transactions, we do offer consulting services to clients on where to buy and what type of property to buy. We will analyze multiple regions and neighborhoods to determine which properties are ripe for investment and which should be avoided. Our vast experience in the field of property management within Ontario allows us to guide you to the property that meets your specific needs and requirements.
Royal York Property Management does not engage in buying and selling real estate as we are not a realty. If you do not have a realtor, we can recommend you to one of our partners.